Algoma Steel hopes for insurance payout from turbine failure

Algoma Steel has secured a $182-million contract to supply structural steel for the Canadian Coast Guard's new polar icebreaker fleet, totaling 24,000 metric tonnes. The deal supports the company's shift to domestic high-specification plate production and multi-year demand. The contract is the largest order of polar-class steel in Algoma Steel's history, with production starting in early 2025. The project is expected to create up to 1,300 jobs in the Sault Ste. Marie region.

Algoma Steel (AGM.TO) secured a $182M contract to supply structural steel for six polar icebreakers for the Canadian Coast Guard, with potential for 10 more vessels. Seaspan Shipyards, the contractor, prioritized Algoma for its Canadian origin. The deal, the largest of its kind for Algoma, ensures multi-year demand and supports jobs in Sault Ste. Marie. Algoma's spokesperson highlighted the strategic importance of the partnership and the company's transition to electric arc steelmaking.

Five metals producers (Ero Copper, Nexa Resources, Constellium, Algoma Steel, New Found Gold) traded higher despite pullbacks in gold, silver, and copper futures. Ero Copper reported record Q3 results with copper and gold production increases. Nexa Resources saw a 62% YoY rise in adjusted EBITDA. Constellium raised its 2026 guidance. Algoma Steel transitioned to electric arc furnace steelmaking. New Found Gold updated its Queensway project assessment.

Algoma Steel secured a $182M contract with Seaspan to supply up to 24,000 metric tonnes of steel for six Canadian Coast Guard icebreakers. The deal supports Canada's National Shipbuilding Strategy and domestic steel industry. Algoma Steel will produce structural steel for the vessels, with production expected to begin soon. According to Algoma Steel's CEO, this is the largest order of polar-class steel in the company's history.

Algoma Steel Group (ASTL) reported Q3 earnings, highlighting the restoration of full generating capability at Lake Superior Power and the successful ramp-up of EAF Unit Two. The company expects Q4 shipments to rise 25-35% and significant EBITDA improvement. Algoma had C$428 million in total liquidity at quarter-end and anticipates 2027 average production of 1.2 million tons.

Algoma Steel Group Inc. (ASTL) furnished an SEC Form 6-K — earnings release. Exhibit 99.1 MEDIA RELEASE October 28, 2026 Algoma Steel Group Inc. Reports Financial Results for the Three Months Ended September 30, 2026 Adjusted EBITDA Loss of $13.9 Million, In Line with Previously Announced Expectations Lake Superior Power Restored to Full Power Following T